Macro Overview
Global equity markets rallied on Thursday, spurred by strong U.S. technology earnings and signs of cooling inflation from the latest PCE data. Emerging Markets (EEM) were the standout performers, surging 4.13%, while Developed ex-U.S. equities (EFA) also posted a strong 2.78% gain. The S&P 500 (IVV) advanced 1.65%, while fixed income (AGG) and broad commodities (DJP) remained relatively flat.
U.S. Size & Style
Growth stocks decisively outperformed their value counterparts across all market capitalizations, fueled by the technology sector’s rally. The divergence was most pronounced in large caps, where Large Growth (IVW) jumped 3.13% while Large Value (IVE) finished down 0.09%. A similar trend was observed in small caps, with Small Growth (IJT) gaining 1.74% against a flat performance for Small Value (IJS). This performance gap underscores the market’s risk-on sentiment, driven by enthusiasm for high-growth names.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.09% | 2.25% | 4.20% | 10.31% | 18.96% |
| Large Cap (IVV) | 1.65% | -0.49% | 3.48% | 9.37% | 18.28% |
| Large Growth (IVW) | 3.13% | -3.05% | 2.80% | 8.36% | 17.40% |
| Mid Value (IJJ) | 0.17% | 0.33% | 4.52% | 13.41% | 19.96% |
| Mid Cap (IJH) | 0.83% | -2.28% | 3.80% | 14.72% | 19.74% |
| Mid Growth (IJK) | 1.54% | -4.71% | 3.11% | 15.82% | 19.42% |
| Small Value (IJS) | -0.01% | -0.61% | 5.49% | 20.14% | 35.30% |
| Small Cap (IJR) | 0.82% | -1.89% | 6.45% | 21.62% | 32.13% |
| Small Growth (IJT) | 1.74% | -3.10% | 7.33% | 22.98% | 28.82% |
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U.S. Sectors & Industries
A powerful surge in the Technology sector (XLK), which gained 5.50%, dominated sector performance, driven by better-than-expected earnings from industry leaders like Microsoft. This created a significant performance dispersion, as defensive sectors sold off amid the risk-on rotation. Communication Services (XLC) was the worst performer with a 2.68% loss, followed by Consumer Staples (XLP) which fell 2.16%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.68% | -0.68% | 3.47% | 9.34% | 18.19% |
| Technology (XLK) | 5.50% | -7.76% | 10.31% | 22.35% | 33.48% |
| Industrials (XLI) | 0.98% | -3.69% | 2.43% | 15.60% | 18.86% |
| Consumer Discretionary (XLY) | 0.70% | -4.17% | -4.84% | -5.50% | 1.49% |
| Financials (XLF) | 0.56% | 6.32% | 9.72% | 4.97% | 9.83% |
| Energy (XLE) | 0.53% | 11.01% | -0.45% | 33.67% | 38.65% |
| Materials (XLB) | -0.19% | 1.59% | 0.71% | 14.80% | 18.34% |
| Utilities (XLU) | -0.56% | -1.50% | -4.07% | 6.01% | 7.73% |
| Real Estate (XLRE) | -1.44% | 2.88% | 2.91% | 14.00% | 11.15% |
| Health Care (XLV) | -1.64% | 3.06% | 12.50% | 6.53% | 23.98% |
| Consumer Staples (XLP) | -2.16% | 2.89% | 2.08% | 11.42% | 9.17% |
| Communication Services (XLC) | -2.68% | -0.51% | -8.28% | -8.94% | 1.38% |
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Global Thematic
Thematic performance was overwhelmingly led by cryptocurrency and semiconductor-related strategies, which posted substantial gains. The CoinShares Bitcoin Mining ETF (WGMI) soared 22.10%, while memory chip funds like the Tema Memory ETF (DISK) and Roundhill Memory ETF (DRAM) gained 18.11% and 16.70%, respectively. This move aligned with a broader rebound in the semiconductor industry and positive sentiment in the digital asset space. On the other end, themes like sports betting and home construction lagged.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| CoinShares Bitcoin Mining ETF (WGMI) | 22.10% |
| Tema Memory ETF (DISK) | 18.11% |
| Roundhill Memory ETF (DRAM) | 16.70% |
| Global X Blockchain ETF (BKCH) | 15.09% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 12.06% |
| Laggards | |
| Roundhill Sports Betting & iGaming ETF (BETZ) | -1.95% |
| Invesco Water Resources ETF (PHO) | -1.48% |
| WisdomTree Cloud Computing Fund (WCLD) | -1.47% |
| Invesco Leisure and Entertainment ETF (PEJ) | -1.16% |
| iShares U.S. Home Construction ETF (ITB) | -1.15% |
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Developed ex-U.S. & Emerging Markets
International equities participated broadly in the global rally, with several Asian markets posting exceptional returns. South Korea (EWY) delivered a remarkable 11.79% gain, leading all country-specific funds for the day. In emerging markets, Taiwan (EWT) surged 5.13%, benefiting from the strong global demand for technology and semiconductor stocks. European markets also advanced, with the Netherlands (EWN) and Japan (EWJ) rising 4.53% and 4.41%, respectively.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 2.78% | 2.27% | 5.46% | 12.37% | 24.19% |
| Australia (EWA) | 2.44% | 5.89% | 2.55% | 15.47% | 17.64% |
| Canada (EWC) | 0.84% | 3.73% | 2.51% | 11.38% | 30.68% |
| France (EWQ) | 2.11% | 2.29% | 4.95% | 5.74% | 12.59% |
| Germany (EWG) | 2.24% | 3.65% | 3.48% | 2.90% | 5.05% |
| Hong Kong (EWH) | 1.75% | 11.38% | -0.20% | 11.40% | 16.72% |
| Japan (EWJ) | 4.41% | 0.02% | 5.26% | 16.16% | 31.57% |
| Netherlands (EWN) | 4.53% | -4.11% | 8.61% | 19.41% | 35.46% |
| South Korea (EWY) | 11.79% | -20.15% | 0.28% | 65.82% | 123.78% |
| Switzerland (EWL) | 1.80% | 1.70% | 6.00% | 8.49% | 21.63% |
| U.K. (EWU) | 1.63% | 5.50% | 4.73% | 12.28% | 25.72% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 4.13% | -7.05% | -0.13% | 16.82% | 32.74% |
| Brazil (EWZ) | 2.99% | 5.88% | -7.11% | 16.08% | 42.13% |
| China (MCHI) | 0.78% | 8.77% | -2.96% | -7.00% | -2.31% |
| India (INDA) | 1.08% | 0.63% | 0.57% | -8.05% | -5.69% |
| Indonesia (EIDO) | 3.08% | 9.37% | -15.66% | -32.66% | -27.68% |
| Malaysia (EWM) | 1.47% | 4.86% | -1.80% | 5.42% | 22.90% |
| Mexico (EWW) | 2.04% | 2.44% | 2.35% | 12.85% | 32.56% |
| South Africa (EZA) | 3.27% | 1.46% | -4.04% | -4.84% | 27.92% |
| Taiwan (EWT) | 5.13% | -13.45% | 4.58% | 47.96% | 68.52% |
| Thailand (THD) | 0.88% | -0.24% | 4.41% | 23.73% | 31.47% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The broader fixed income market was mostly quiet, with the U.S. Aggregate Bond index (AGG) finishing nearly unchanged. However, equity-sensitive segments of the bond market responded to the stock rally, with Convertible bonds (CWB) climbing 3.15%. Credit-sensitive assets also saw modest gains, as High Yield corporate bonds (HYG) rose 0.29%, reflecting the improved risk appetite among investors.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.09% | -3.45% | -1.85% | -2.35% | 1.05% |
| Core Enhanced (IUSB) | 0.08% | -0.96% | -0.41% | -0.08% | 3.30% |
| Core (AGG) | 0.07% | -1.04% | -0.50% | -0.31% | 3.03% |
| Short-Term (BSV) | 0.03% | -0.01% | 0.15% | 0.50% | 3.05% |
| Government | |||||
| Intermediate (SPTI) | 0.05% | -0.56% | -0.48% | -0.55% | 2.38% |
| Ultrashort (BIL) | 0.01% | 0.30% | 0.90% | 2.05% | 3.78% |
| Short-Term (SPTS) | 0.00% | 0.17% | 0.39% | 0.82% | 3.17% |
| Inflation Protected (TIP) | -0.03% | -0.58% | -0.85% | 0.64% | 2.44% |
| Long-Term (SPTL) | -0.04% | -3.40% | -1.90% | -2.62% | 0.47% |
| Specialty | |||||
| Convertible (CWB) | 3.15% | -5.79% | 0.80% | 14.58% | 21.47% |
| Preferred Stock (PFF) | 1.13% | 0.30% | -1.90% | 0.79% | 3.05% |
| High Yield (HYG) | 0.29% | -0.16% | 0.36% | 1.52% | 4.90% |
| Corporate (SPIB) | 0.09% | -0.52% | -0.05% | 0.27% | 3.46% |
| Mortgage Backed (MBB) | 0.06% | -0.95% | -0.52% | 0.06% | 4.52% |
| Bank Loans (BKLN) | 0.05% | 0.58% | 0.55% | 0.60% | 3.93% |
| International & EM | |||||
| International Local (IGOV) | 1.17% | 0.29% | -1.74% | -1.22% | 0.42% |
| Emerging Local (EMLC) | 0.79% | 0.37% | 1.46% | 1.94% | 9.08% |
| Emerging USD (EMB) | 0.24% | -1.30% | 0.21% | 1.04% | 7.43% |
| International USD (BNDX) | 0.15% | -0.91% | 0.35% | 0.46% | 1.50% |
| Municipals | |||||
| Short-Term (SUB) | 0.10% | -0.09% | 0.23% | 0.75% | 2.05% |
| Intermediate (MUB) | -0.01% | -1.46% | -0.49% | 0.33% | 5.37% |
| Long-Term (MLN) | -0.03% | -1.67% | -0.26% | 1.27% | 9.13% |
| High Yield (HYD) | -0.12% | -2.00% | -0.57% | 0.51% | 7.06% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodity complex was mixed, as strength in metals was offset by weakness in the energy sector. Precious metals were broadly higher, with Palladium (PALL) leading the way with a 4.24% advance, while Silver (SLV) gained 3.34%. In contrast, WTI Crude oil (USO) declined by 1.42%. Industrial metals also performed well, with Copper (CPER) rising 2.58%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.06% | 8.37% | -6.07% | 25.95% | 39.49% |
| Agriculture | |||||
| Wheat (WEAT) | 0.49% | 11.76% | 2.12% | 23.28% | 12.94% |
| Broad (DBA) | -0.04% | 3.04% | -1.96% | 7.68% | 9.65% |
| Soybeans (SOYB) | -0.12% | 3.20% | 1.74% | 15.19% | 17.94% |
| Sugar (CANE) | -0.21% | -2.66% | -2.85% | -2.31% | -12.81% |
| Corn (CORN) | -0.39% | 6.03% | -4.98% | 0.17% | 2.96% |
| Energy | |||||
| Natural Gas (UNG) | 0.81% | -14.59% | -5.57% | -18.35% | -25.02% |
| WTI Crude (USO) | -1.42% | 19.77% | -13.33% | 84.33% | 57.31% |
| Broad (DBE) | -1.50% | 17.81% | -6.87% | 76.87% | 60.09% |
| Brent Crude (BNO) | -1.53% | 22.04% | -15.15% | 75.35% | 53.37% |
| Industrial Metals | |||||
| Copper (CPER) | 2.58% | 4.27% | 7.69% | 12.53% | 39.31% |
| Broad (DBB) | 1.34% | 3.90% | 0.72% | 9.15% | 32.91% |
| Precious Metals | |||||
| Palladium (PALL) | 4.24% | 8.02% | -13.92% | -17.97% | 9.99% |
| Silver (SLV) | 3.34% | 0.06% | -19.74% | -16.95% | 59.65% |
| Platinum (PPLT) | 3.02% | 6.37% | -16.41% | -19.38% | 26.56% |
| Broad (DBP) | 1.79% | 2.08% | -13.07% | -8.18% | 29.49% |
| Gold (GLD) | 1.64% | 2.38% | -10.98% | -4.83% | 25.32% |
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Cryptocurrency
Major cryptocurrencies posted modest gains on the day, significantly lagging the explosive rally seen in crypto-related equities. Solana (SOLZ) was the top performer among the major coins, rising 3.04%. Spot Bitcoin (IBIT) increased by 1.94%, a muted move compared to the double-digit percentage gains recorded by bitcoin mining and blockchain-themed ETFs.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 1.84% | 4.37% | -20.61% | -40.69% | — |
| Ethereum (ETHA) | 1.90% | 22.04% | -15.05% | -35.31% | -49.05% |
| Bitcoin (IBIT) | 1.94% | 10.24% | -15.28% | -26.08% | -44.70% |
| Multi-Coin (NCIQ) | 2.21% | 10.75% | -15.64% | -28.82% | -47.91% |
| Solana (SOLZ) | 3.04% | 1.28% | -10.28% | -40.66% | -60.54% |
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What to Watch Today
Looking ahead to Friday, investors will parse several key economic reports for further insight into the U.S. economy. The morning will feature the second quarter Employment Cost Index, the July Chicago PMI, and the final reading of the University of Michigan Consumer Sentiment survey. The earnings season also continues to be a major focus, with quarterly results from technology bellwethers Amazon and Apple scheduled for release.
